Schaub has been the Texans' starting quarterback for the past seven seasons but struggled to find any sort of form last year as the team slumped to franchise-record 14-game losing streak.
The 32-year-old's position with the Texans came into question after they signed former Tennessee Titans quarterback Ryan Fitzpatrick yesterday, and he will now be traded to Raiders if he passes a physical, according to ESPN.
Schaub was also linked with a move to the Cleveland Browns to link up once again with former offensive coordinator Kyle Shanahan, but the Raiders were reportedly more keen on the deal.
Any trade between the two teams could have an impact on the Draft prospects, with Houston being more likely to choose a quarterback with their number one overall pick should they lose Schaub.
The Raiders, meanwhile, could opt not to pick a quarterback with their fifth overall pick if the trade goes through.